Blackstone Snaps Up Debt-Burdened Chicago Hotel

Law360, New York (November 14, 2012, 7:03 PM EST) -- The Blackstone Group LP has taken over ownership of the luxury Sofitel Chicago Water Tower after its owners voluntarily forfeited the debt-burdened property, a spokeswoman for the private equity giant confirmed Wednesday.

The hotel was owned by a joint venture of European hotel operator Accor SA, GEM Realty Capital Inc. and a Goldman Sachs fund, and while the luxury property had shown strong growth, it was unable to keep up with loans taken out in the market's heyday before the real estate crash. As a result,...
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